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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
Kenyan banks further intensify inter-borrowing to pay taxes

NAIROBI (Xinhua) -- Trading of cash between banks increased this week as the financial institutions sought funds for tax remittances.

The average volumes traded increased to 257 million U.S. dollars compared to 200 million dollars the previous week.

“Interbank money market activity increased during the week as banks sought funds for quarterly tax remittances,” Central Bank of Kenya said Saturday in a brief.

The average number of deals remained unchanged at 40 compared with 42 in the previous week.

“The weighted average interbank rate increased to 6.39 percent from 6.17 percent in the previous week,” said the Central Bank.

The rise in interbank rate normally affects the rates banks lend money to individuals and companies.

While interest charges in Kenya have been capped at 4 percent above the Central Bank rate, which currently stands at 9.5 percent, banks add some charges that include the cost at which they borrow money. 

           

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